Expert can you please tell me the answer of this question
Dear student,
(a) Here the demand for air travel to Goa will increase .So the market demand curve will show a rightward shift.
(b)
(c) Inferior goods are goods whose demand decreases when income of consumer increases. Sometimes when income of consumer increases they may not prefer to buy cheap goods as part of raising their standard of living or to level up their status in the society. For example a millionare business man may not prefer to buy cheap cars like Tata Nano. Instead he may opt for luxury cars in general cases. Such types of goods are known as inferior goods.
When income of consumer increases demand for inferior goods fall . This will make the demand curve of such goods shift leftwards.
Regards
(a) Here the demand for air travel to Goa will increase .So the market demand curve will show a rightward shift.
(b)
(c) Inferior goods are goods whose demand decreases when income of consumer increases. Sometimes when income of consumer increases they may not prefer to buy cheap goods as part of raising their standard of living or to level up their status in the society. For example a millionare business man may not prefer to buy cheap cars like Tata Nano. Instead he may opt for luxury cars in general cases. Such types of goods are known as inferior goods.
When income of consumer increases demand for inferior goods fall . This will make the demand curve of such goods shift leftwards.
Regards